Cosmetology Insurance Market Scope
Cosmetology insurance offers insurance related to the risks faced in the cosmetology industry, such as a facial treatment gone wrong or a hair color treatment gone bad. With liability insurance for beauticians and cosmetologists, it helps to protect against client claims of emotional distress, treatments went wrong, bodily injury, personal injury, and property damage. Whether the allegations have a factual basis or not, these types of claims can put a lot of stress and burden on cosmetologists and beauticians that boosting the demand for cosmetology insurance.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that Global Players will contribute to the maximum growth of Global Cosmetology Insurance market throughout the predicted period.
Chubb (Switzerland), American International Group, Inc. (United States), Hiscox (Bermuda), Allianz (Germany), Tokio Marine Holdings (Japan), AXA (France), Travelers (United States), Assicurazioni Generali (Italy), Doctors Company (United States), Marsh & McLennan (United States), Liberty Mutual (United States), MedPro Group (United States) and Aviva (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Zurich (Switzerland), Sompo Japan Nipponkoa (Japan), Munich Re (Germany), Aon (United Kingdom) and Beazley (United Kingdom).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Cosmetology Insurance market by Type (D&O Insurance and E&O Insurance), by Application (
) and Region with country level break-up.
On the basis of geography, the market of Cosmetology Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
April 2019, World Insurance Associates LLC, an independent insurance agency headquartered in Tinton Falls, NJ, acquired the Joseph A. Britton Agency, Inc. of Mountainside, New Jersey.
Market Trend
- Adoption of Implementation of Digital Technologies and Analytics in Cosmetology Insurance
Market Drivers
- Increased Risks for Professionals in Social Media
- Increased Promotional Activities by Insurance Companies
Opportunities
- Growing Demand from End-users
- Growth in the Insurance Sector
Restraints
- Cosmetology Insurance Adds Additional Expenses
Challenges
- Less Awareness in Developing Countries
- Longer Time Required for Claim Settlement
Key Target Audience
Cosmetology Insurance Service Providers, Industry Associations, Potential Investors, Marketing firms, Government and Regulatory Bodies and Others